Workday Financial Management is a cloud solution designed to deliver complete business insight into your organization. Gone are the rigid processes that summarize the transactions required to generate financial reports. Instead, once entered, all transactions retain their rich business information and are immediately reflected in financial, management, and operational reporting. By having a single cloud-based system that captures all transactions and supports core foundational processes, your finance team is empowered to access approved business information in real time. This power of one, having one source for data, one security model, and one experience, enables companies to plan, execute, and analyze in one system.
Life Time Fitness in Minnesota, for instance, integrated its financials with HR software so that finance and payroll transactions and approvals could be handled systematically. With a cloud-based solution, the company became continuously up-to-date with regulatory mandates, and achieved shorter close periods so there’s more time to analyze data and business results.
Bill Gosling Outsourcing of Canada also deployed a cloud-based finance system. As a result, its time-to-close dropped by 30%, and the level of effort involved in preparing for the close process decreased significantly. In its old ERP system, the company needed three or four iterations of financial statements before they went final. With a cloud-based system, only two iterations are needed.
A huge volume of data flows through organizations daily. When a company can harness that data—and analyze it effectively—it can make better decisions more quickly. For example, companies can use analytics to understand which customers are most profitable in real-time—insight that typically requires a separate analytics solution outside your financial management system. Functions such as marketing use data to transform the customer experience and deliver increasing personalization. Business leaders create new revenue streams by offering data-driven services on top of products. Advanced data analytics can make revenue forecasting more sophisticated and accurate. Combining finance data with non-finance information (such as consumer data or data from other operational systems) can create new insights.
Being able to drill into data by any business dimension in real time, you can interact with the data to understand what’s driving performance. You can understand such things as spend by supplier, campaign, or employee, as well as P&L by customer and product—all without the need for a separate data warehouse or additional reporting tools. This rich business information might be delivered through financial scorecards and dashboards, which could be available from mobile devices. Executives get a snapshot of business in real time, so you can always have an eye on the most important metrics. Imagine dashboards with current key indicators showing whether numbers are off or funds need to be shifted, or where the company might be gaining momentum in the market. Working with real-time data means that there are no surprises at the end of the period and makes it easier to stay on top of rapidly changing conditions.
With a cloud-based financial management system, Redstone Credit Union achieved a 133% increase in time spent on analysis, as opposed to data gathering. As a result, it was able to:
- Shift the focus from manual and clerical work to strategic accounting activities.
- Simplify accounting investigations.
- Improve finance’s ability to serve the business.